WASHINGTON (Yonhap) -- Leaders of the world's eight advanced nations wrapped up their summit in the U.S. Saturday with a warning that North Korea will face stronger punishment in case of further provocations.

"We continue to have deep concerns about provocative actions of the Democratic People's Republic of Korea (DPRK) that threaten regional stability," they said in a statement on the results of a two-day summit at the Camp David presidential retreat in Maryland. The North's formal name was used in the diplomatic document titled "Camp David Declaration."

U.S. President Barack Obama hosted the annual meeting with his counterparts from Canada, France, Germany, Italy, Japan, Russia, and Britain designed to address major global economic and political challenges.

The leaders condemned the North's long-range rocket launch in mid-April which ended in failure.

"We urge the DPRK to comply with its international obligations and abandon all nuclear and ballistic missile programs in a complete, verifiable, and irreversible manner," read the statement.

The international community is keeping close tabs on the communist regime amid worries that it will take additional provocative actions such as missile and nuclear tests as well as attacks on South Korea.

"We affirm our will to call on the UN Security Council to take action, in response to additional DPRK acts, including ballistic missile launches and nuclear tests," the leaders said.

They also expressed concern about human rights violations in the North including political prisoner camps and handling of South Korean and Japanese people abducted by Pyongyang decades ago.

The G-8 nations agreed to "take all necessary steps to strengthen and reinvigorate our economies and combat financial stresses," affirming their shared interest in dealing with financial crises in Greece and several other European nations, according to the statement.

Afghanistan will be a top agenda item in a NATO summit to be held in Chicago on Sunday and Monday, Obama's security aides said.